SARANG WADHAWAN Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Even though both these Applicants have not taken absence of materials (that is merit) as a ground of bail, extensive arguments were advanced by learned Senior Advocate Mr. Ponda for the ApplicantSarang and learned Advocate Mr. Nimbalkar assisted by learned Advocate Mr. Chitaley for the Applicant-Rakesh. As a result, Mr. Gavand, learned APP also argued extensively by pointing out the allegations against both these Applicants from the summary annexed to the charge-sheet and from the report given by Reserve Bank of India.

(2.) Predominantly, bail is asked for on following grounds:-

(3.) The Criminal law was set in motion on 30/09/2019 when one Jasbir Singh Matta Manager (Recovery Cell of Punjab and Maharashtra Co-operative Bank, Bhandup) has filed a complaint with Joint Commissioner of Police EOW, Mumbai. The offence was registered against one Joy Thomas, Managing Director of the said bank, Waryam Singh and other official of the bank and against the Applicant-Rakesh and his son-Sarang and other executives of HDIL Company. The said Bank is registered as Co-operative Society and they were licensed to carry out the banking business by the Reserve Bank of India in the year 1984. It becomes Scheduled bank in the year 2000 and multi-State Co-operative Bank in the year 2004. Board of the Directors connived with board of Directors of the HDIL and sanctioned loan other advances and facilities to the tune of crores of rupees. Not only the rules of procedures were flouted but even statistical information was concealed from the Reserve Bank of India. In fact the business of the bank was in loss, however rosy picture on the basis of the fictitious figures was portrayed.